Nickleson Company had an unadjusted cash balance of $4,637 as of May 31. The company's bank statement,
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Nickleson Company had an unadjusted cash balance of $4,637 as of May 31. The company's bank statement, also dated May 31, included a $65 NSF check written by one of Nickleson's customers. There were $1,046 in outstanding checks and $205 in deposits in transit as of May 31. According to the bank statement, service charges were $80, and the bank collected an $1,150 note receivable for Nickleson. The bank statement also showed $24 of interest revenue earned by Nickleson.
Required: Determine the true cash balance as of May 31.
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
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